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HomeMy WebLinkAbout2012-11-13-2020-min-attachments (Demographic Change Subcommittee)November 13, 2012 The Impact of Demographic Change on Lexington's Real Estate Market Presented By: Diamond Hayes (1) What 1s Our Market? Housing Statistics from January to October, 2012 Total single family transactions: 316 Zip Code: 02421 $850,827 1 837,222 1 2645 sq.ft Zip Code: 02420 $980,1181961,66212976 sq.ft Average Listed vs Sale Price: $915,473 / $899,442 for 2813 sq. ft Housing Statistics from January to December, 2011 Total Single family sold: 283 Zip Code: 02421 $879,512 / $859,821 / 2783 sq.ft. Zip Code: 02420 $900,652 / $876,179 / 2826 sq.ft. Average Listed vs Sale Price: $890,0821 868,000 / 2805 sq. ft. (11) Who Are Buying? January — October, 2012 Total Single family sold: 316 Asian: 117 (37 %) Chinese: 61(19.3%) Indian: 50(15.8%) Korean: 6 (2% ) Price Range Chinese Indian $400K - $600K 8.2% 4.7% $600K - $800K 4.4% 5% $800K 41 M 3% 1.6% > 1 M 3.8% 4.4% Approx Total $: $569 M $43.8 M January — December, 2011 Total Single family Sold: 283 Chinese: 62 (22 %) (III) Why Are They Moving To Lexington? Lexington's reputation for excellent public schools has been the single most important factor for Asians, especially Chinese, to move to Lexington. For thousands of years, Confucius teaching and philosophy were the pillars of moral foundation in Chinese culture. Scholars and teachers have always been highly respected in Chinese society. Education is considered the most important way to improve one's prosperity and success in life. Most of the Chinese families who moved to Lexington in the last ten years were from China. Majority of those Chinese came to the United States to further their studies in highly specialized scientic & technical fields. I could also say the same for Indian families. The typical profile of my Chinese and Indian clients is as follows: I . Two income family with both the husband and wife holding professional jobs. 2. Both husband and wife have at least a master's degree, but most have doctorate degrees. 3. Age group: in their early 40's 4. Children: 1 -2 children, in elementary schools S. Professional jobs: biotech /scientific /computer /medicine (IV) Barriers to Greater Participation for Asians I . Due to two income, full time professional jobs for most of these people, they have very limited time to volunteer in town's committees. 2. Most Chinese and Indian children take private lessons for music and other academic & recreational activities during the weekends thus reducing even more the availabe time for these parents. 3. Most of Asians that are in Lexington are fairly new to Lexington and they have a very small social circle. If they are Chinese or Indian, most of their friends are Chinese or Indian. Most scientic and technical people are introverted so they are less likely to reach out to a new group of people whom they do not know. Unlike Indian, many Chinese are not very fluent in English. 4. There is a lack of information on town's website regarding available committee volunteer opportunities. The process is lengthy as one must apply first as the person needs to be "appointed" by the Town's Selectman. There is no guarantee the final "appointment" will be what one's looking for to volunteer. 5. Typically, the available volunteer position is filled by another resident who may be a friend of a committee member. Therefore creating a cycle in which the " outsiders" never get a chance to be involved. G. The town's requirement for record keeping of committee meetings are redundant and out of touch with potential Asian cummunity. With limited available time for most Asian parents who have professinal �obs, they will do best with "Project - based" volunteer work such as the "300` Celebration" or school -based annual projects or activities. Most recently, Chinese community helped to campaign and elect Weidong Wang as the first Asian to chair the Housing Authority. Z a O T 0 O u 0 fu O Q ro E O C . -C a-+ O T U 7 U U ro v O ra v ro E (n T C: m L 0 c 0 y al c v v Q v 0 z E 7 u u ro as .ra r ro 3 0 P C T ro E C ro V) L 7 O (n V) O ro N o E 0 f,4 L w 0) w c v :c E u 0 U a o � ro L ro L 0 T C (U v ro C rr ro >. C a' O N U ]. +� a) n3 (1) io W ro (D m Qj ) a) as p C C C C io P O O O 3 OC o h- O M y 3 o 1 2 o I- F- O o #- o E- P a a t+ C 4 P a_. 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Lf) W <Y V (M N CM O U1 N M f^- (D V N CO (D a M In CD h CO N r M M LD (D N Ln 'rY (D I N CO RIoS saraJadOJd AS IeMO1 «) M o °a o — a 0 0 0 o w ai v o z ca ux :�V) (n�r t�7 WILLIAM RAVEIS REAL ESTATE • MORTGAGE ` INSURANCE The Largest Family-Owned Real Estate Company in the Northeast THE RAVEIS REPORT January - September 2011 VS January - September 2012 MIDDLESEX COUNTY * Active at the tune MLS report was run - Source: MLSPIN Countywide averages based on all towns in TOWNS Avg List Price* Avg Sales Price % Inc. /Decr. Number of Units Sold % Inc. /Decr. 73 22 8.96% 72.20 37.50% 2012 2011 2012 $605, 20111 2012 5.13% Acton $586,388 $568,845 $516,119 - 9.27%, 120 166 38.33% - 87 a- Ayer $313,7 97,753 .. .57% 7i - 13,$8% 2 r Bedford $702,573 $563,655 7$608,957 8.04% 75 94 25.33% 10 9 $1,206,591 $819,96Q t " Carlisle $870,955 $737,448 1 $763,911 3.59 1 43 46 6.98% vi 21 $3 = _ 4, 5 74 $221,=$2227,054 5 Concord $1 $826,229 $I,OO6,117 21,77% 140 i62 15.71% 134 Groton $476,350 $442,48; 4 $Sfp 2 1 5. , x Lexington $1,198,065 $854,067 $$93,1 19 4.57% 269 295 9.67% 36 Lincoln $1,652,908 5 4 Littleton $423,446 $389_,080 $389,578 0.13 %, 46 72 56.52% 120 Maynard $297,834 x ,836 -17.1. 85 0 /0 , Natick $591,329 $472,661 $4$3,136 2.22% 222 207 -6.76% 36 58 ,290,161 22 43 3.400/c ` $506,018 510 1 4.18% 42 Stow $521.570 $470,327 $436,824 7.12% 56 59 5.36% $902,789 $929 -6.9 - 183 2 A Tyngsborough $376,268 $3119,888 $303,565 - 2.04 % 61 64 4.92% sj $513,183 $389,763 "$6 223 19.89 %;-j Watertown ;$513,737 $468.256 $445,830 - 4.79% 65 66 1.54% .. 0,219 _ . _. �, 147 40.00% Westford $496,184 $499,804 $464,664 - 7.03 136 187 37.50/0 31.40 % Winchester $],131,252 $854,147 $839,474 - 1.72 140 _ 148 5.71% * Active at the tune MLS report was run - Source: MLSPIN Countywide averages based on all towns in Actoo yer Bedford $336,271 $245,82,0,.--- - $506,219 $459,047 - 1,18 ° /, 4.22 - 9.32% 67 18 16 73 22 8.96% 72.20 37.50% $483,934 $605, 5.13% jOl 46.38 % Chelmsford $232,470 $201,226 $189,064 -6.04% - 87 73 - 16.09% .. $58 r ., - 13,$8% 2 r .,__ - 9.3$ °/a Groton $272,368 $200,690 $234,866 17.03% 10 9 - 10.00% t 11.76% Lincoln $437,129 $393,577 $391,052 -0.64% 13 21 61,54% MME&pard 74 $221,=$2227,054 5 0.00 %4 Q .� Natick $407,427 2 $ - 13.16% 134 123 - 8.21% d ton $Sfp 2 $519, a Tnsbo y g rough $199,741 $167,171 - 26.37 %n 36 29 - 19.44 $33:. o Watertown 1 $380,142 $331,343 $325,392 - 1.80% 120 169 40.83% 0 /0 , ° �148fo Westford $307,596 $319,856 $320,506 0.20% _ 36 58 61.11 %° Winchester $444,304 $506,018 $527,157 1 4.18% 42 1 58 1 K b 38.10% * Active at the tune MLS report was run - Source: MLSPIN Countywide averages based on all towns in